UDB assets hit Shs 1.78 trillion, profits up 16% in 2024
The Uganda Development Bank recorded a 7% increase in assets to 1.78 trillion shillings in 2024, with net loans rising to 1.53 trillion shillings, funding 770 projects across 103 districts. During the 2024 UDB annual general meeting, UDB Managing Director Patricia Ojangole noted that UDB-supported businesses generated 1 trillion shillings in profits, 316 billion shillings in taxes, and 1.1 trillion shillings in foreign exchange. Net profit rose by 16% to 57.8 billion shillings in 2024 from 49.8 billion shillings in 2023, with the industrial sector remaining the largest beneficiary. Additionally, government capital injections pushed the bank’s capital to 1.5 trillion shillings, with an additional 1 trillion shillings planned for the Financial Year 2025–26 to support sectors like ICT and agribusiness.
